Qatar Firms to Build $2 billion Steel Plant in Algeria

Qatar International, a Qatari joint venture grouping Qatar Steel and Qatar Mining, will build a $2 billion steel plant in the Algerian eastern province of Jijel.
The Qatari firm will be holding a 49 percent stake in the plant and the Algerian side the remaining 51 percent, in accordance with Algerian investment law.
Construction works are expected to begin in 2013, while production is to start in 2017.
The plant will initially produce 2.5mn tons of steel per year and will gradually increase production to 5mn tons of long, flat and special steel. Algeria’s current imports of steel amount to about $10 billion.
The deal final agreement will be inked in the first half of December.
Qatar and Algeria had agreed on the construction of the steel factory earlier this year and signed a memorandum of understanding (MoU) on the project last July.

Posted by Peter Mulvany
on Nov 12 2012. Filed under Gulf News, Headlines.
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